New-home sales declined in April as demand fell in West

New-home sales in the US fell by much more than expected in April. Sales slumped by 11.4% at a seasonally adjusted annual rate of 569,000, the Census Bureau said in its monthly report. Economists had forecast that sales of new single-family homes fell by 1.8% at a seasonally adjusted annual rate of 610,000, according to Bloomberg.

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Purchases of new homes fell in three of four regions, led by an 8.3% drop in the West. Sales increased 11.5% in the Northeast.Economists in Bloomberg’s survey projected a decline to a 675,000.

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New-home sales in the U.S. declined in April, posting the largest monthly drop since the end of last year and signaling the housing market is on weaker footing during the key spring selling season.

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The inventory of new homes for sale rose to 336,000 in October. The median sales price fell 3.6 percent to $309,700, as the market is shifting to townhomes and other lower-cost houses. Looking at the regional numbers on a year-to-date basis, new home sales rose 6.3 percent in the Midwest, 4.1 percent in the West, and 3.8 percent in the South.

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Analysts at Nomura note that the US new home sales declined 1.5% m-o-m to 662k saar in April from 672k saar in March, modestly below expectations factoring in revisions (Nomura: 685k, Consensus: 680k).

The Commerce Department said on Tuesday new home. April, new single-family homes sales fell 7.5 percent in the northeast region. sales plunged 26.3 percent in the West to their lowest level since.

Sales Price. The median sales price of new houses sold in June 2018 was $302,100. The average sales price was $363,300. For Sale Inventory and Months’ Supply. The seasonally-adjusted estimate of new houses for sale at the end of June was 301,000. This represents a supply of 5.7 months at the current sales rate.

U.S. New-Home Sales Declined in April as Demand Fell in West. – New-Home Sales Declined in April as Demand Fell in West Katia Dmitrieva , Bloomberg News (Bloomberg) — U.S. purchases of new homes fell in April, reflecting a setback in the western part of the country and indicating rising borrowing costs and property prices may limit the market’s progress, according to government data released Wednesday.

New home sales are benefiting from an inventory squeeze in the market for previously owned houses, which is constraining home resales. Builders have been unable to keep up with demand for. Sales in.